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        <li class="chapter " data-level="1.1" data-path="../">
            
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                    Introduction
            
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        <li class="chapter active" data-level="1.2" data-path="./">
            
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                    Lecture 1: Introduction
            
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        <li class="chapter " data-level="1.3" data-path="../Lecture02/">
            
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                    Lecture 2: Economics is a Social Science
            
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        <li class="chapter " data-level="1.3.1" data-path="../Lecture02/Section01.html">
            
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                    Section1: Economics is a Science – Methodology of Science (1): Refutability
            
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        <li class="chapter " data-level="1.3.2" data-path="../Lecture02/Section02.html">
            
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                    Section 2: Economics is a Social Science
            
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        <li class="chapter " data-level="1.3.3" data-path="../Lecture02/Section03.html">
            
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                    Section 3: Why Do We Need to Study Economics?
            
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        <li class="chapter " data-level="1.4" data-path="../Lecture03/">
            
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                    Lecture 3: Self-interest: the Postulate of Economics
            
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        <li class="chapter " data-level="1.4.1" data-path="../Lecture03/Section01.html">
            
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                    Section 1: Self-interest
            
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        <li class="chapter " data-level="1.4.2" data-path="../Lecture03/Section02.html">
            
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                    Section 2: The Postulate Needs not to be True
            
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        <li class="chapter " data-level="1.4.3" data-path="../Lecture03/Section03.html">
            
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                    Section 3: The Postulate of Self-interest Must be Followed
            
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        <li class="chapter " data-level="1.4.4" data-path="../Lecture03/Section04.html">
            
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                    Section 4: Rationality is not Equivalent to Correctness
            
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        <li class="chapter " data-level="1.4.5" data-path="../Lecture03/Section05.html">
            
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                    Section 5: The Consequences of Ignoring the Postulate of Self-interest
            
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        <li class="chapter " data-level="1.5" data-path="../Lecture04/">
            
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                    Lecture 4: Scarcity, Competition, Market, and Non-market
            
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        <li class="chapter " data-level="1.5.1" data-path="../Lecture04/Section01.html">
            
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                    Section 1: Scarcity
            
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        <li class="chapter " data-level="1.5.2" data-path="../Lecture04/Section02.html">
            
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                    Section 2: Competition, Competition Criterion, and Game rule
            
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        <li class="chapter " data-level="1.5.3" data-path="../Lecture04/Section03.html">
            
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                    Section 3: The Postulate of Self-interest Must be Followed
            
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        <li class="chapter " data-level="1.6" data-path="../Lecture05/">
            
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                    Lecture 5: Positive Economics and Normative Economics
            
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        <li class="chapter " data-level="1.6.1" data-path="../Lecture05/Section01.html">
            
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                    Section1: Positive economics
            
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        <li class="chapter " data-level="1.6.2" data-path="../Lecture05/Section02.html">
            
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                    Section 2: Normative economics
            
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        <li class="chapter " data-level="1.6.3" data-path="../Lecture05/Section03.html">
            
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                    Section3: Value Judgment
            
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        <li class="chapter " data-level="1.6.4" data-path="../Lecture05/Section04.html">
            
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                    Section 4: The Problems of Welfare Economics
            
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        <li class="chapter " data-level="1.7" data-path="../Lecture06/">
            
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                    Lecture 6: The History of Economic Thinking -- Microeconomics and Macroeconomics
            
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        <li class="chapter " data-level="1.7.1" data-path="../Lecture06/Section01.html">
            
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                    Section 1: From Classical Economics to Neoclassical Economics
            
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        <li class="chapter " data-level="1.7.2" data-path="../Lecture06/Section02.html">
            
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                    Section 2: The Rise and Decline of Keynesian Economics
            
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        <li class="chapter " data-level="1.7.3" data-path="../Lecture06/Section03.html">
            
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                    Section 3: Price Theory and Monetary Theory
            
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        <li class="chapter " data-level="1.7.4" data-path="../Lecture06/Section04.html">
            
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                    Section 4: The Causes of the Great Depression
            
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        <li class="chapter " data-level="1.7.5" data-path="../Lecture06/Section05.html">
            
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                    Section 5: More Truths about the Great Depression
            
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        <li class="chapter " data-level="1.8" data-path="../Lecture07/">
            
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                    Lecture 7: Equilibrium•Optimum•Margin
            
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                    Section 1: Equilibrium and Optimum
            
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        <li class="chapter " data-level="1.8.2" data-path="../Lecture07/Section02.html">
            
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                    Section 2: The Concept of Margin
            
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        <li class="chapter " data-level="1.8.3" data-path="../Lecture07/Section03.html">
            
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                    Section 3: The Economic Implication of Marginal Analysis
            
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        <li class="chapter " data-level="1.9" data-path="../Lecture08/">
            
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                    Lecture 8: The Law of Demand
            
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        <li class="chapter " data-level="1.9.1" data-path="../Lecture08/Section01.html">
            
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                    Section 1: The Law of Demand and its Key Points
            
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        <li class="chapter " data-level="1.9.2" data-path="../Lecture08/Section02.html">
            
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                    Section 2: Ceteris Paribus
            
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        <li class="chapter " data-level="1.9.3" data-path="../Lecture08/Section03.html">
            
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                    Section 3: The Explanation of “Buying on the upswing, Selling on the downswing” in the Stock Market
            
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        <li class="chapter " data-level="1.9.4" data-path="../Lecture08/Section04.html">
            
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                    Section 4: The Selection of Other Factors –Methodology of Science (2): Occam’s Razor
            
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        <li class="chapter " data-level="1.9.5" data-path="../Lecture08/Section05.html">
            
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                    Section 5: The Role of the Law of Demand as An axiom
            
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        <li class="chapter " data-level="1.10" data-path="../Lecture09/">
            
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                    Lecture 9: Supply Curve, the Theory of Supply and Demand, the Price Intervention by Government
            
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        <li class="chapter " data-level="1.10.1" data-path="../Lecture09/Section01.html">
            
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                    Section 1: The Supply Curve
            
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        <li class="chapter " data-level="1.10.2" data-path="../Lecture09/Section02.html">
            
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                    Section 2: The Theory of Supply and Demand
            
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        <li class="chapter " data-level="1.10.3" data-path="../Lecture09/Section03.html">
            
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                    Section 3: The Traditional Analysis of Price Control and Its Problem
            
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        <li class="chapter " data-level="1.10.4" data-path="../Lecture09/Section04.html">
            
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                    Section 4: Price Control Causes Transaction Cost to Increase
            
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        <li class="chapter " data-level="1.10.5" data-path="../Lecture09/Section05.html">
            
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                    Section 5: Minimum Wage Laws Cause Unemployment
            
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        <li class="chapter " data-level="1.10.6" data-path="../Lecture09/Section06.html">
            
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                    Section 6: The Consequence of Agricultural Price Supports
            
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        <li class="chapter " data-level="1.11" data-path="../Lecture10/">
            
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                    Lecture 10: Consumer Theory
            
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        <li class="chapter " data-level="1.11.1" data-path="../Lecture10/Section01.html">
            
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                    Section 1: Two Axioms of Consumer Theory
            
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        <li class="chapter " data-level="1.11.2" data-path="../Lecture10/Section02.html">
            
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                    Section 2: Use Value VS Utility — Methodology of Science (3): What is measure in science?
            
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        <li class="chapter " data-level="1.11.3" data-path="../Lecture10/Section03.html">
            
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                    Section 3: Indifference Curve
            
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        <li class="chapter " data-level="1.11.4" data-path="../Lecture10/Section04.html">
            
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                    Section 4: The Optimum of the Consumer
            
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        <li class="chapter " data-level="1.11.5" data-path="../Lecture10/Section05.html">
            
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                    Section 5: The Changes of the Optimum of the Consumer
            
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        <li class="chapter " data-level="1.11.6" data-path="../Lecture10/Section06.html">
            
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                    Section 6: Are there Giffen Goods?
            
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        <li class="chapter " data-level="1.11.7" data-path="../Lecture10/Section07.html">
            
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                    Section 7: From Individual Demand to Market Demand
            
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        <li class="chapter " data-level="1.11.8" data-path="../Lecture10/Section08.html">
            
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                    Section 8: Is There Theory of Elasticity?
            
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        <li class="chapter " data-level="1.12" data-path="../Lecture11/">
            
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                    Lecture 11: The Concept of Cost
            
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                    Section 1: Opportunity Cost
            
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        <li class="chapter " data-level="1.12.2" data-path="../Lecture11/Section02.html">
            
                <a href="../Lecture11/Section02.html">
            
                    
                    Section 2: Historical Cost is not Cost
            
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        <li class="chapter " data-level="1.12.3" data-path="../Lecture11/Section03.html">
            
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                    Section3: The Disturbance of Historical Cost
            
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        <li class="chapter " data-level="1.12.4" data-path="../Lecture11/Section04.html">
            
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                    Section 4: The Laboratory in Economics
            
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        <li class="chapter " data-level="1.13" data-path="../Lecture12/">
            
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                    Lecture 12: The Concept of Rent
            
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        <li class="chapter " data-level="1.13.1" data-path="../Lecture12/Section01.html">
            
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                    Section 1: From Income and Cost to Rent
            
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        <li class="chapter " data-level="1.13.2" data-path="../Lecture12/Section02.html">
            
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                    Section 2: The Changeable Rent
            
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        <li class="chapter " data-level="1.13.3" data-path="../Lecture12/Section03.html">
            
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                    Section 3: The Concept of Rent from the First Perspective
            
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        <li class="chapter " data-level="1.13.4" data-path="../Lecture12/Section04.html">
            
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                    Section 4: The Concept of Rent from the Second Perspective
            
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        <li class="chapter " data-level="1.13.5" data-path="../Lecture12/Section05.html">
            
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                    Section 5: Profit
            
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        <li class="chapter " data-level="1.14" data-path="../Lecture13/">
            
                <a href="../Lecture13/">
            
                    
                    Lecture 13: Direct Cost and Overhead Cost
            
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        <li class="chapter " data-level="1.14.1" data-path="../Lecture13/Section01.html">
            
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                    Section 1: The Fallacy of Fixed Cost
            
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        <li class="chapter " data-level="1.14.2" data-path="../Lecture13/Section02.html">
            
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                    Section 2: Direct Cost and Overhead Cost
            
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        <li class="chapter " data-level="1.14.3" data-path="../Lecture13/Section03.html">
            
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                    Section 3: The Explanation of Producers’ Behaviors with Overhead Cost
            
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        <li class="chapter " data-level="1.14.4" data-path="../Lecture13/Section04.html">
            
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                    Section 4: The Principle of Rent Matching
            
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        <li class="chapter " data-level="1.14.5" data-path="../Lecture13/Section05.html">
            
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                    Section 5: The Form of Contract Affects Overhead Cost
            
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        <li class="chapter " data-level="1.15" data-path="../Lecture14/">
            
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                    Lecture 14: Transaction Cost
            
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        <li class="chapter " data-level="1.15.1" data-path="../Lecture14/Section01.html">
            
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                    Section 1: Transaction Cost is Indispensable
            
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        <li class="chapter " data-level="1.15.2" data-path="../Lecture14/Section02.html">
            
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                    Section 2: The History of Transaction Cost
            
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        <li class="chapter " data-level="1.15.3" data-path="../Lecture14/Section03.html">
            
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                    Section 3: From the Special Transaction Cost to the General Transaction Cost — Methodology of Science (4): Ad Hoc Theory
            
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        <li class="chapter " data-level="1.15.4" data-path="../Lecture14/Section04.html">
            
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                    Section 4: The Perspective of Contract
            
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        <li class="chapter " data-level="1.16" data-path="../Lecture15/">
            
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                    Lecture 15: Market Structure – Price-Taking
            
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        <li class="chapter " data-level="1.16.1" data-path="../Lecture15/Section01.html">
            
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                    Section 1: The Definition of Price-Taking
            
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        <li class="chapter " data-level="1.16.2" data-path="../Lecture15/Section02.html">
            
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                    Section 2: The Optimum of Producers
            
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        <li class="chapter " data-level="1.16.3" data-path="../Lecture15/Section03.html">
            
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                    Section 3: The Law of Diminishing Marginal Product
            
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        <li class="chapter " data-level="1.16.4" data-path="../Lecture15/Section04.html">
            
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                    Section 4: Average Cost
            
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        <li class="chapter " data-level="1.16.5" data-path="../Lecture15/Section05.html">
            
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                    Section 5: The Theory of Supply and Demand with Production
            
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        <li class="chapter " data-level="1.16.6" data-path="../Lecture15/Section06.html">
            
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                    Section 6: Consumer Surplus and Producer Surplus
            
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        <li class="chapter " data-level="1.17" data-path="../Lecture16/">
            
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                    Lecture 16: Market Structure – Price-Searching
            
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        <li class="chapter " data-level="1.17.1" data-path="../Lecture16/Section01.html">
            
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                    Section 1: The Definition of Price-Searching
            
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        <li class="chapter " data-level="1.17.2" data-path="../Lecture16/Section02.html">
            
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                    Section 2: The Cause of Monopoly (I): Innate Talent
            
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        <li class="chapter " data-level="1.17.3" data-path="../Lecture16/Section03.html">
            
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                    Section 3: The Cause of Monopoly (II): Acquired Construction
            
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        <li class="chapter " data-level="1.17.4" data-path="../Lecture16/Section04.html">
            
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                    Section 4: The Ambiguous Antitrust Law
            
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        <li class="chapter " data-level="1.17.5" data-path="../Lecture16/Section05.html">
            
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                    Section 5: Administrative Monopoly
            
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        <li class="chapter " data-level="1.17.6" data-path="../Lecture16/Section06.html">
            
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                    Section 6: The Deadweight Loss of Monopoly
            
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        <li class="chapter " data-level="1.17.7" data-path="../Lecture16/Section07.html">
            
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                    Section 7: Turning Consumer Surplus to Producer Surplus
            
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        <li class="chapter " data-level="1.17.8" data-path="../Lecture16/Section08.html">
            
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                    Section 8: The Other Price Arrangements to Eliminate Deadweight Loss
            
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        <li class="chapter " data-level="1.17.9" data-path="../Lecture16/Section09.html">
            
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                    Section 9: Quality Competition
            
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        <li class="chapter " data-level="1.17.10" data-path="../Lecture16/Section10.html">
            
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                    Section 10: Cartels
            
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        <li class="chapter " data-level="1.17.11" data-path="../Lecture16/Section11.html">
            
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                    Section 11: The Fallacy of Game Theory
            
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        <li class="chapter " data-level="1.18" data-path="../Lecture17/">
            
                <a href="../Lecture17/">
            
                    
                    Lecture 17: Information Cost
            
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                    Section 1: Information Cost in Society
            
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        <li class="chapter " data-level="1.18.2" data-path="../Lecture17/Section02.html">
            
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                    Section 2: The Behaviors Reducing Information Cost
            
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        <li class="chapter " data-level="1.18.3" data-path="../Lecture17/Section03.html">
            
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                    Section 3: The Behaviors Increasing Information Cost
            
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        <li class="chapter " data-level="1.18.4" data-path="../Lecture17/Section04.html">
            
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                    Section 4: The Price-Searching Caused by Information Cost
            
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        <li class="chapter " data-level="1.18.5" data-path="../Lecture17/Section05.html">
            
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                    Section 5: Replacing Risk with Information Cost
            
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        <li class="chapter " data-level="1.18.6" data-path="../Lecture17/Section06.html">
            
                <a href="../Lecture17/Section06.html">
            
                    
                    Section 6: Insurance
            
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        <li class="chapter " data-level="1.18.7" data-path="../Lecture17/Section07.html">
            
                <a href="../Lecture17/Section07.html">
            
                    
                    Section 7: Adverse Selection and Moral Hazard
            
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        <li class="chapter " data-level="1.18.8" data-path="../Lecture17/Section08.html">
            
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                    Section 8: The Extremely Low Rate of Return of Social Pension Insurance
            
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        <li class="chapter " data-level="1.18.9" data-path="../Lecture17/Section09.html">
            
                <a href="../Lecture17/Section09.html">
            
                    
                    Section 9: SOP is An Irrelevant Answer
            
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            </ul>
            
        </li>
    
        <li class="chapter " data-level="1.19" data-path="../Lecture18/">
            
                <a href="../Lecture18/">
            
                    
                    Lecture 18: The Theory of Interest
            
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                    Section 1: The Causes of Interest
            
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        <li class="chapter " data-level="1.19.2" data-path="../Lecture18/Section02.html">
            
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                    Section 2: Interest Rate
            
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        <li class="chapter " data-level="1.19.3" data-path="../Lecture18/Section03.html">
            
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                    Section 3: The Discount Formula
            
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        <li class="chapter " data-level="1.19.4" data-path="../Lecture18/Section04.html">
            
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                    Section 4: From Asset to Capital, Annuity, Investment and Saving
            
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        <li class="chapter " data-level="1.19.5" data-path="../Lecture18/Section05.html">
            
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                    Section 5: The Separation Theorem
            
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        <li class="chapter " data-level="1.20" data-path="../Lecture19/">
            
                <a href="../Lecture19/">
            
                    
                    Lecture 19: Monetary Theory
            
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        <li class="chapter " data-level="1.20.1" data-path="../Lecture19/Section01.html">
            
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                    Section 1: The Functions of Money
            
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        <li class="chapter " data-level="1.20.2" data-path="../Lecture19/Section02.html">
            
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                    Section 2: The Value of Good VS the Value of Money
            
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        <li class="chapter " data-level="1.20.3" data-path="../Lecture19/Section03.html">
            
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                    Section 3: The Cause of Inflation
            
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        <li class="chapter " data-level="1.20.4" data-path="../Lecture19/Section04.html">
            
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                    Section 4: The History of Money
            
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        <li class="chapter " data-level="1.20.5" data-path="../Lecture19/Section05.html">
            
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                    Section 5: The Harm of Inflation and Deflation
            
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        <li class="chapter " data-level="1.20.6" data-path="../Lecture19/Section06.html">
            
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                    Section 6: The History of Paper Money
            
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        <li class="chapter " data-level="1.20.7" data-path="../Lecture19/Section07.html">
            
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                    Section 7: The Truth of Bretton Woods System
            
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        <li class="chapter " data-level="1.20.8" data-path="../Lecture19/Section08.html">
            
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                    Section 8: The Quantity Theory of Money
            
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        <li class="chapter " data-level="1.20.9" data-path="../Lecture19/Section09.html">
            
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                    Section 9: Money Multiplier
            
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        <li class="chapter " data-level="1.20.10" data-path="../Lecture19/Section10.html">
            
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                    Section 10: The Monetary Policy Tools of Central Bank
            
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        <li class="chapter " data-level="1.20.11" data-path="../Lecture19/Section11.html">
            
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                    Section 11: The Difficulty in the Target of Monetary Policy
            
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                    Section 12: The Formation of Zhu’s Monetary System
            
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        <li class="chapter " data-level="1.20.13" data-path="../Lecture19/Section13.html">
            
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                    Section 13: From the Monetary Policy Regulating Economy to the Monetary System Stabilizing Money Value
            
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        <li class="chapter " data-level="1.20.14" data-path="../Lecture19/Section14.html">
            
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                    Section 14: The Monetary System Pegging Money to the Price Index of a Basket of Tradable Goods
            
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        <li class="chapter " data-level="1.21" data-path="../Lecture20/">
            
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                    Lecture 20: Income Distribution, Wage Contract, Unemployment
            
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                    Section 1: Income Distribution: Marginal Productivity Theory
            
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                    Section 2: Wage Contract
            
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                    Section 3: The Theory of Rent-encroaching
            
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                    Section 4: The Causes of Unemployment
            
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                    Section 5: Natural Rate of Unemployment
            
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                    Lecture 21: The Critique on Keynes’s Theory of National Income Determination
            
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                    Section 1: The Statistical Index of National Income: GDP
            
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                    Section 2: Is Saving Different From Investment?
            
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                    Section 3: The Problem in the Theory of Multiplier
            
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                    Section 4: The Problem in Keynes’s Consumption Function
            
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                    Section 5: The Pandora’s Box of Fiscal Deficit
            
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                    Section 6: The Crowding-out Effect of Government Expenditure
            
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                    Lecture 22: Business Cycle and Economic Growth
            
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                    Section 1: Financial Crisis cannot Destroy Real Wealth
            
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                    Section 2: The Importance of Expectation/Confidence
            
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                    Section 3: The Determinants of Economic Performance
            
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                    Lecture 23: Coase Theorem
            
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                    Section 1: The First Version of Coase Theorem
            
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                    Section 2: The Second Version of Coase Theorem
            
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                    Section 3: The Third Version of Coase Theorem
            
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                    Lecture 24: Externality
            
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                    Section 1: The Cause of Externality
            
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                    Section 2: Seemingly no Market Implies Externality?
            
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                    Section 3: The Externality from the Perspective of Contract
            
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                    Lecture 25: Rent Dissipation
            
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                    Section 1: The Concept of Rent Dissipation
            
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                    Section 2: The Relation between Non-Price Criteria and Rent Dissipation
            
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                    Section 3: The Core of the Theory of Price Control
            
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                    Section 4: Rent Dissipation as a Mode of Thinking
            
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                    Lecture 26 Political Economics
            
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                    Section 1: The Nature of Nation from the Perspective of Economics
            
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                    Section 2: The Definition of Dictatorship and Democracy
            
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                    Section 3: Tyranny of the Majority
            
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                    Section 4: Arrow’s Impossibility Theorem and the Median-Voter Theorem
            
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                    Section 5: Democratic Voting Infringes on PPRs
            
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                    Section 6: The Difficulties of Dictatorship
            
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                    Section 7: Three Utopias
            
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                                <h1 id="lecture-1-introduction">Lecture 1: Introduction</h1>
<p>Before the study of economics, it is necessary to remind readers that never believe the ordinary textbooks of economics without thinking.</p>
<p>In general, textbooks are the truth. However, it is not the case for economics. There are many mistakes in the books of economics.</p>
<p>Why? Because economics is too young.</p>
<p>Let me introduce the history of Economics. A question: when was USA independent? The answer: in 1776. It is the same year that a British named Adam Smith (1723-1790) published his book &#x201C;An Inquiry into the Nature and Causes of the Wealth of Nations,&#x201D; which marked the birth of economics. So Adam Smith is the founder of economics. Students and the researchers of economics, including you and me, are his disciples.</p>
<p>So you can see how young economics is, just like the USA that is only 200 years old. It is no wonder that there are lots of mistakes in economics. </p>
<p>Natural science, such as physics, is regarded as truth. However, don&apos;t forget that Aristotle started to study it thousands of years ago. It has been developing for thousands of years. There had also been many mistakes in physics. For example, physicists believed that the falling speed of an object was correlating with its mass, which is totally wrong. The falling rate of a stone is faster than the plume&#x2019;s just because the air friction interferes in. Another example is astronomy. How long had erroneous Geocentric been dominant in astronomy?</p>
<p>So it is not a surprise that there are many mistakes in economics because it is only 200 years old. It is a surprise that we entirely believe economics textbooks without thinking. In fact, many authors of economics textbooks do not take all that they write in books for granted. However, textbooks are not academic work, so it is better to follow the majority. Nevertheless, truth is often in the hand of the minority.</p>
<p>However, I decided to write a textbook on economics which does not follow the majority. I will select only the correct contents from ordinary textbooks of economics, criticize the mistakes and add something new and correct. Therefore, this book looks somewhat different from the usual textbooks of economics.</p>
<p>Someone would doubt whether the truth is subject to my judgment. How can we know the truth objectively? We need an assistant: Methodology of Science (MS) or Philosophy of Science which provides an objective analysis of whether a subject is a science. It applies not only for economics but also for all kinds of sciences. The scholars of MS establish the rules of science form the practice of natural science. So it makes one significant distinction between ordinary textbooks and this book that there are many introductions of MS in this book. In my opinion, the best way to master MS for those who are not the students of philosophy or logics is to learn economics.</p>
<p>Besides, this book is suitable for both students major in economics and amateurs. There is some math in this book for the economics students to study, while for beginners, math is not essential, though understanding it does help to understand economics better. But you do not need to be anxious if you cannot understand the math in this book, because the application of economics does not rely on math.</p>
<p>This textbook inherits the academic discipline from &#x201C;Economics Explanation&#x201D; by Steven N.G Cheung. The references of traditional economics textbook are mainly from &#x201C;Theory of Price and Application&#x201D; written by Cheung&#x2019;s teacher Jack Hirshleifer (1925-2005). Cheung wrote a preface &#x201C;The Experience of Learning -- Preface for My Teacher&#x2019;s Textbook&#x201D; for its Chinese version translated by Zhou Yan and me. In the preface, He suggested that students read the &#x201C;Theory of Price and Application&#x201D; with critical thinking instead of belief. It is more important to raise questions and discuss with classmates or teachers. That is the real study!</p>
<p>I would like to share these words with all the readers of this book as an encouragement!
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